Bank Al-Maghrib’s commitments to reduce climate risks in the banking sector were the focus of a side-event on Monday in Baku on the sidelines of COP29.
This meeting, organized at the Moroccan Pavilion, was an opportunity to focus on the efforts made by the central bank to face financial threats linked to the effects of climate change, likely to affect the stability of financial institutions, and to promote green finance in Morocco.
Najwa Mouhaouri, head of the Green Finance unit at Bank Al-Maghrib, indicated, on this occasion, that this institution has taken several initiatives for awareness raising and capacity building, the co-organization of workshops on the management of risks, dialogue and information sharing and the study of the green banking market, through the exploration of partnerships to study the trends, challenges and levers of green finance in Morocco.
The initiatives also concern the promotion of green finance, the contribution to the vision of the Low Carbon Strategy for 2050, in addition to the monitoring of public policies in terms of energy transition, contributions determined at the national level (NDC), and climate disaster risk management, she added.
Ms. Mouhaouri noted that, as part of this vision, Bank Al-Maghrib is part of several international networks, such as the Network for Greening the Financial System (NGFS), Inclusive Green Finance (IGF), the Alliance for Financial Inclusion (AFI) and the Sustainable Banking and Finance Network (SBFN).
In accordance with the recommendations of the NGFS guide for supervisors, she noted, Bank Al-Maghrib has published a regulatory directive with the aim of stimulating the banking sector’s efforts in green finance and encouraging stakeholders to understand their financial risks linked to the environment and climate.
The directive invites banks to deploy a development strategy taking into account climate and environmental imperatives, namely governance and strategy, risk management, training and awareness, as well as communication and reporting, detailed the manager. .
The 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (11-22 November) focuses primarily on climate financing, given the need to enable all countries to reduce greenhouse gas emissions and protect lives and livelihoods from the worsening effects of climate change, particularly for vulnerable communities.
LNT with MAP
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